Keel just emptied its bitcoin wallet: 2,520 $BTC gone for $192M. The sale covered the entire 2,261-coin treasury plus 259 coins mined in the quarter. On the books Keel took a $32.2M realized loss, so the average exit was about $76,190 a coin against a higher cost basis near $89,000. From here, every Quebec-mined coin gets sold the same day it lands. No stack, no fair-value swings, just cash. As of Nov 4 the company still held about $780M unrestricted, earmarked for AI data centers that have not signed a lease yet. On CoinMarketCap, Bitcoin is still rank one, with roughly fifty billion dollars changing hands in the last day. Zero coins left. The receipt is a $32.2M loss on the way out. #Bitcoin #BitcoinMining NFA. DYOR.